SinoCloud adjusts conversion price for bond to S$0.0622 after rights issue

By Mary-Katherine Stinson

Lexington, Ky., July 24 – SinoCloud Group Ltd. adjusted the conversion price of its convertible bond to S$0.0622 effective May 31 after taking into effect its share consolidation and rights issue, according to a notice.

The conversion price was adjusted in several steps.

The price before the convertible bond agreement variation was S$0.0011, which was then adjusted to S$0.000825.

The company announced on April 6 it had completed a share consolidation of every 100 existing shares into one consolidated share. After the share consolidation, the conversion price was changed to S$0.0825 from S$0.000825.

On June 1, it announced the completion of the renounceable non-underwritten rights issue of up to 79,390,353 rights shares at the issue price of S$0.05 for each rights share, on the basis of one rights share for every two consolidated shares. Finally, the conversion price was adjusted to S$0.0622 from S$0.0825 after the rights issue.

The adjustments have been verified by PKF-CAP Advisory Partners Pte Ltd.

The bond was issued on Oct. 14, 2020 in principal amount of up to HK$31.06 million to Lam Cho Ying Terence Joe as the subscriber.

Hong Kong-based SinoCloud started as an information technology and professional services provider providing services to the Chinese banking and financial services industry and later expanded to include internet data center services.

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